Posted on: 10th Mar, 2009 08:31 am
I have a few credit card which had balances and then the credit card company reduced the credit balance to $0, so my debt to credit line ratio is hurting my credit score. When I get these balances paid off, will they automatically close my account or should I contact them to do so in order to raise my credit score?
i would have to surmise that the companies are not likely to reinstate the credit limits at all. if they took you all the way down to zero, there must have been a good reason for it (or at least they thought so). if they froze your limit, then i'd say you'd likely get it back once you pay down the balances, but at zero, i think you'll need to go get a new card(s) once your finances are a bit more stable.
Hi, How much balance on your cards do you owe? They dropped the limit on your cards down to zero? And you still have remaining balances on them? Yes this will effect your score negatively as your balance to your credit limit is most likely maxed out or over limit. First can you afford to pay these off? And yes george is correct, Might benefit you the most to try to get a new card and start over. Once youve paid off the others. Hope this helps!
